Selbyville, Delaware, Jan. 14, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market insights Inc., the global compressor oil market was estimated at $6 billion in 2018 and is expected to hit $6.5 billion by 2025, registering an annual compound growth rate of 2% from 2019 to 2025. The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Increasing demand for compressors triggered by robust industrial and infrastructural development activities across the globe is expected to induce a productive growth spurt in the global compressor oil market over the forthcoming years. Rising population and sustainable climate change remain the other factors accelerating industry trends.
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The market is divided on the basis of base oil, compressor type, end-use industry, and geography. Based on compressor type, the market is segmented into the reciprocating, centrifugal, rotary screw, and others category, which includes scroll, axial, liquid piston and straight lobe.
The rotary screw held the highest market share in terms of volume which can be attributed to the popularity of this compressor in various industrial applications coupled with the higher lubrication usage in screws, thrust & radial roller bearings and speed gears.
On the basis of base oil, the market is divided into synthetic oil and mineral oil. The synthetic oil segment accounted for the largest share in 2018 and is expected to lead the trail throughout the forecast period. The mineral oil segment, on the other hand, is expected to register a 2% CAGR during the study period.
Based on end-use industry, the compressor oil market is bifurcated into construction & infrastructure, food & beverage, general manufacturing, mining, power generation and chemical. The food & beverage segment held the largest share in 2018 and is projected to manifest the fastest CAGR of more than 2.5% through 2025. The chemical segment accounts for a significant market share due to many applications of compressor oil in material handling and processed air.
Key reasons for compressor oil market growth:
- Growing demand for air compressors in the industrial sector
- The developed construction sector in North America and Europe
- Increasing construction and infrastructure industry growth in Asia Pacific.
North America accounted for more than 15% share in 2018 and is anticipated to retain a considerable share during the estimated period. Simultaneously, the Asia Pacific dominates the global compressor oil market, owing to the presence of rapidly growing end-user industries.
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Leading market players analyzed in the research include Atlas Copco, Gardner Denver, Chevron Corporation, BASF SE, Ingersoll Rand, Indian Oil Corporation, Fuchs Group, Sasol Limited, Exxon Mobil Corporation, British Petroleum and others. The report also analyzes key strategies including mergers & acquisitions, expansion of production, new product developments, collaborations, and others that are being adopted by these firms to gain a strong position in the compressor oil market.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.